Receipt basis
This query is : Resolved
22 November 2008
where in income tax act it says that salary can be assessed on receipt basis?
If my salary is due for february to march08 but i get the money only on august 08, which AY should i take for assessing it? 08-09 or 09-`10?
If my salary is due for february to march08 but i get the money only on august 08, which AY should i take for assessing it? 08-09 or 09-`10?
22 November 2008
Sec 15 clarifies that Year of chargeability of salary:
Due or receipt whichever falls earlier : Salary is taxable on due basis or on receipt basis , whichever is earlier. Hence,
a) Salary due in a PY is taxable, even if it is not received.
b) Salary received in a PY is taxable, even if it is not due.
c) Arrears of salary received during the current PY shall be taxable in the current year if not charged to tax in an earlier PY.
Due or receipt whichever falls earlier : Salary is taxable on due basis or on receipt basis , whichever is earlier. Hence,
a) Salary due in a PY is taxable, even if it is not received.
b) Salary received in a PY is taxable, even if it is not due.
c) Arrears of salary received during the current PY shall be taxable in the current year if not charged to tax in an earlier PY.
22 November 2008
Dear ravi Folllowing salary is chargable on receipt basis.
1.Arrears of salary if it is not charged on due basis
2.Advance salary
3.Salary on Notice.
1.Arrears of salary if it is not charged on due basis
2.Advance salary
3.Salary on Notice.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- LIC maturity claim whether taxable
- Bank details not Visible on Traces Portal
- Taxability of Partnership firm for FY 2025-26
- EXPORT COMMERCIAL INVOICE HSN CODE
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
